Egypt’s Prime Holding acquires 10% of A.T. Lease

Egyptian investment bank Prime Holding has acquired a 9.99 percent stake in local leasing company Al Tawfeek Leasing (A.T. Lease), said Pharos, which involved in the transaction, on Sunday.

A.T. Lease is an affiliate of Bahrain-based Islamic banking group Dallah Al Baraka. It has been the first Islamic sharia-compliant leasing company in Egypt. Its shareholders involve Arab Molltaka Investments Company (AMIC) and Al Baraka Bank Egypt.

Prime has bought around 7.99 million shares of A.T. Lease for 28.79 million Egyptian pounds ($1.7 million) at 3.6 pounds each, Pharos added in a bourse filling.

The acquisition is part of Prime’s plans to expand in investment banking, non-banking financial, and shareholder activism activities in the coming period, its chief executive Khaled Rashed said later on Sunday.

Prime aims to be A.T. Lease’s shareholder activist by presenting a business plan to A.T.’s board and top management team to improve its share price since they are below fair value, Rashed said.